A conceptual analysis on the different approaches to new product development and the variables associated with modelling the process

Owens, JD and Atherton, AM
2018,
'A conceptual analysis on the different approaches to new product development and the variables associated with modelling the process'
, in:
Design and Optimization of Mechanical Engineering Products
, IGI Global, pp. 1-23.

Abstract

Globally, new products are launched almost every day. They are developed to provide solutions to common or specialised problems; to enrich our lifestyle; to release us from mundane and monotonous jobs; to give reliable alternatives to old solutions; to amuse us; to provide items that are more pleasing to the eye; to be more ecologically aware etc. What the companies that develop, design, manufacture, market and sell these products are seeking is commercial compensation in the short, medium or long term “success” however you measure it. Subsequently, New Product Development is a major issue for most companies as they seek to reduce time to market, reduce the development cycle, access new technologies and develop more and better products and services. As the development of such new products that can successfully compete in local, national and global markets has thus become a key concern for the majority of companies, so successful NPD is now being seen as a fundamental to both stimulating and supporting economic growth. It is therefore a subject, which has received and continues to receive much attention, particularly in seeking to improve its effectiveness and efficiency. Therefore, paper reviews the New Product Development (NPD) process and considers the variables associated with the different approaches, which may be needed when developing a new product.